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Recommendation Changes
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H&R REIT Q2-2018 Earnings Update

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H&R REIT is Canada's largest diversified real estate investment trust with total assets of $14.1B. Their operating strategy commencing in Nov-2017 has been to sell all of their 79 US retail properties and 12 remaining US industrial properties using the estimated $900M proceeds to acquire and develop US residential real estate. The largest project currently nearing completion is Jackson Park, a 1,871 suite residential development in Long Island City, NY, in which H&R has a 50% interest. H&R REIT, as at Dec-31-2017, owned and operated a portfolio of interests in 527 Properties (including 227 properties held through 33.6% interest in ECHO Properties). The portfolio consisted of 43 properties in Alberta, 100 properties in Ontario, 48 properties located elsewhere in Canada and 336 properties located in the United States. US properties comprise 34% of assets, Ontario-31%, Alberta -25% and other Canadian properties at 10%. By type, office properties comprise 48% of assets, retail – 36%, multi-family 9% and industrial at 7%.

The REIT invests in four real estate asset classes; office, retail, industrial and residential properties both in Canada and the United States. H&R's retail asset class is comprised of three different operating segments: enclosed shopping centres and multi-tenant retail plazas throughout Canada managed by Primaris; other retail properties throughout Canada and the United States managed by H&R and H&R's 33.6% interest in ECHO, a privately held real estate and development company which focuses on developing and owning grocery anchored shopping centres in the United States. H&R's US residential segment operates as Lantower Residential, and focuses on acquiring and developing multi-family properties in the US. Properties in the US include office, retail, industrial and investments in Echo and Lantower. In Canada properties are primarily located in Ontario and Alberta split between office, retail and industrial properties.

Dispositions – Acquisitions

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